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York University
ECON 2400

York University Department of Economics Faculty of Arts ASECON 2400 M Intermediate Macroeconomic Theory I Professor Tasso AdamopoulosMidterm Test 2 Wednesday May 6 2009Duration 70 minutes Aids You may use a calculatorPlease answer all questions in the provided booklet Good luckSection I Multiple Choice Questions total marks 32 Each correct multiple choice answer is worth 4 marks Indicate the correct answer on your booklet 1 Purchasingpowerparity calculations attempt to translate one currency into another at a rate A that preserves average purchasing power B that increases average purchasing power C that decreases average purchasing power D that preserves average exchange rates2 If patent laws are weak A the pace of innovation and technological improvement is likely to increase B the pace of innovation and technological improvement is likely to decrease C businesses will most likely increase their expenditures on research and development D governments are likely to receive quite a bit of tax revenue from the patentsConsider a once and for all increase in the level of a countrys population If 3 the country was at its steady state level of income before the increase and the neoclassical growth model is a good description of reality then in the long run the country will havea higher output per worker than before ABa lower output per worker than beforethe same output per worker as before CD none of the above1
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